Solana's Slerf Memecoin Burns $10M in Investor Funds After Dev's "F—up"

Did Solana's Slerf Memecoin Burn Investors' Funds?

A Solana-based memecoin, Slerf, has encountered a major setback after the project's developer inadvertently burned a significant portion of the token supply, resulting in a loss of $10 million, representing the entire investment of presale participants.

Developer's Regret: "I F—ed Up"

The official X account for the project admitted the error: "Guys, I f—ed up. I burned the LP and tokens reserved for the drop. The minting authority is revoked, so I can't mint them. There's nothing I can do to fix this. I'm really sorry."

Team's Shock: "My Stomach Hurts"

The Slerf team expressed their dismay in an X Spaces discussion: "My stomach hurts," said developer @Slerfsol. "I'm literally about to throw up. I'm at a loss for words. I do not know what to do."

Side Quest Gone Wrong?

After the developer referred to Project Slerf as a "side quest," a Spaces participant remarked, "Losing $10 million on a side quest is crazy."

Price Surge Amidst Chaos

Despite the incident, the price of SLERF has surged approximately 242% in the past hour. X Space attendees have proposed "sending it to $1 billion" as a potential solution. According to Lookonchain's on-chain data, a trader profited over $3 million in 12 minutes by trading SLERF.

Solana's Memecoin Mania

The incident occurred during a weekend of numerous Solana-based memecoin presales, where several projects received substantial funding, often reaching millions of dollars.

Disclaimer

The Block, an independent media outlet, provides news, research, and data. Foresight Ventures, an investor in other crypto companies, has held a majority stake in The Block since November 2023. Bitget, a crypto exchange, serves as an anchor LP for Foresight Ventures. The Block maintains its independence to deliver objective and timely information about the crypto industry.